The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how oilfield services stocks fared in Q1, starting with SLB (NYSE: SLB).

Oilfield services companies provide equipment, technology, and services enabling exploration and production activities, including drilling, completion, well intervention, and reservoir evaluation. Their fortunes closely track upstream capital spending cycles. Tailwinds include increased drilling activity during favorable commodity environments, demand for efficiency-enhancing technologies, and growing offshore and unconventional resource development. Headwinds include significant revenue volatility tied to oil and gas price swings and producer spending discipline. Intense competition pressures pricing and margins, while the energy transition may structurally reduce long-term demand. Workforce availability and technological disruption require continuous adaptation.

The 26 oilfield services stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 3.8%.

In light of this news, share prices of the companies have held steady as they are up 2.2% on average since the latest earnings results.

SLB (NYSE: SLB)

What began in 1926 with two brothers logging the first electrical measurements in a well, SLB (NYSE: SLB) provides technology and services to help oil and gas companies locate reservoirs, drill wells, and produce hydrocarbons.

SLB reported revenues of $8.72 billion, down 6.3% year on year. This print exceeded analysts’ expectations by 1%. Despite the top-line beat, it was still a slower quarter for the company with a miss of analysts’ EBITDA estimates.

“It was a challenging start to the year as widespread disruptions in the Middle East impacted our business,” said SLB Chief Executive Officer Olivier Le Peuch.

Interestingly, the stock is up 6.4% since reporting and currently trades at $58.25.

Read our full report on SLB here, it’s free.

Best Q1: Select Water Solutions (NYSE: WTTR)

Managing over 24 billion barrels of produced water annually across major U.S. shale plays, Select Water Solutions (NYSE: WTTR) provides water sourcing, recycling, disposal, and treatment services for oil and gas producers.

Select Water Solutions reported revenues of $366 million, down 2.3% year on year, outperforming analysts’ expectations by 6.8%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 12.4% since reporting. It currently trades at $19.40.

Is now the time to buy Select Water Solutions? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Borr Drilling (NYSE: BORR)

Operating one of the world's youngest jack-up fleets with an average age under eight years, Borr Drilling (NYSE: BORR) operates jack-up rigs that drill oil and gas wells in shallow waters up to 400 feet deep for exploration and production companies.

Borr Drilling reported revenues of $247 million, up 14% year on year, falling short of analysts’ expectations by 2.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Borr Drilling delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 12.2% since the results and currently trades at $5.42.

Read our full analysis of Borr Drilling’s results here.

Patterson-UTI (NASDAQ: PTEN)

Operating 135 Tier-1 super-spec rigs that can handle the industry's most demanding drilling projects, Patterson-UTI (NASDAQ: PTEN) provides contract drilling rigs, hydraulic fracturing, and drill bits to oil and gas operators.

Patterson-UTI reported revenues of $1.12 billion, down 12.7% year on year. This result topped analysts’ expectations by 1.2%. Overall, it was a very strong quarter as it also put up a beat of analysts’ EPS estimates and a decent beat of analysts’ EBITDA estimates.

The stock is up 12.9% since reporting and currently trades at $12.21.

Read our full, actionable report on Patterson-UTI here, it’s free.

Valaris (NYSE: VAL)

Operating the world's largest fleet of offshore drilling rigs across six continents, Valaris (NYSE: VAL) provides offshore drilling rigs and crews to oil and gas companies exploring and producing in deep waters and shallow seas.

Valaris reported revenues of $465.4 million, down 25% year on year. This number beat analysts’ expectations by 5.6%. It was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is down 6.1% since reporting and currently trades at $96.22.

Read our full, actionable report on Valaris here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.